Refer the table below. Our original information was that the probability of High demand was .6....

Question

Question

Refer the table below. Our original information was that the probability of High demand was .6....

Refer the table below. Our original information was that the probability of High demand was .6. We collected the following new information about what happened to demand when there was an improving or not improving economy. Answer the below question.

Calculate the probability for high demand and the improving economy?

	Improving Economy	Not improving economy
Given high demand	0.75
Given Low demand		0.45

Submit

Answer format: Number: Round to: 2 decimal places.

business Operations-Management

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

P(Improving Economy/High Demand)=0.75

P(Not Improving Economy/High Demand)=0.25

P(Improving Economy/Low Demand)=0.55

P(Not Improving Economy/Low Demand)=0.45

P(Prior Probability of high Demand)=0.6

P(Prior Probability of Low Demand)=1-0.6=0.4

P(High Demand and improving economy)=P(improving economy/High Demand )*P(Prior probability of High demand)

P(High Demand and improving economy)=0.75*0.6 =0.45

Answer= 0.45

Add a comment

Answer 2

Similar Homework Help Questions

Our original information was that the probability of High demand was .6. We collected the following new information abo...

Our original information was that the probability of High demand was .6. We collected the following new information about what happened to demand when there was an improving or not improving economy. Answer the below question. unanswered Calculate the probability for low demand and the improving economy (also called Joint Probability)? not_submitted Improving Economy Not improving economy Given high demand 0.61 Given Low demand 0.51 Submit Answer format: Number: Round to: 2 decimal places. Refer the table below. Our original...
Refer the table below. Our original information was that the probability of High demand was .6....

Refer the table below. Our original information was that the probability of High demand was .6. We collected the following new information about what happened to demand when there was an improving or not improving economy. Answer the below question. What is the probability of a not improving economy? Improving Economy Not improving economy Given high demand 0.77 Given Low demand 0.6 please, show the process
- Our original information was that the probability of High demand was .6. We collected the following new informati...

- Our original information was that the probability of High demand was .6. We collected the following new information about what happened to demand when there was an improving or not improving economy. Answer the below question. Calculate the probability for low demand and the improving economy (also called Joint Probability)? Not improving economy Improving Economy Given high demand 0.64 0.5 Given Low demand Submit Answer format: Number: Round to: 2 decimal places.

Refer the table below. Our original information was that the probability of High demand was 6. We collected the f...

Refer the table below. Our original information was that the probability of High demand was 6. We collected the following new information about what happened to demand when there was an improving or not improving economy. Answer the below question What is the probability of an improving economy? Improving Economy Not improving economy Given high demand 0.78 Given Low demand Answer format: Number Round to: 2 decimal places What is the expected value Sell software on own? Decision alternative Success...
What is the expected value Form Joint Venture? Decision alternative 1762 Success (0.31) Sell Company 1762...

What is the expected value Form Joint Venture? Decision alternative 1762 Success (0.31) Sell Company 1762 Moderate Success (0.4) 1762 Failure (0.29) Form Joint Venture 2500 Success (0.31) Moderate Success (0.4) 2927 Sell Software on own 1000 Failure (0.29) Success (0.31) 5000 Moderate Success (0.4) 3500 Failure (0.29) -848 Refer the table below. Our original information was that the probability of High demand was .6. We collected the following new information about what happened to demand when there was an...
Given that a method receives three parameters a, b, c, of type double, write some code,...

Given that a method receives three parameters a, b, c, of type double, write some code, to be included as part of the method, that checks to see if the value of a is 0; if it is, the code prints the message "no solution for a=0" and returns from the method. Our original information was that the probability of High demand was .6. We collected the following new information about what happened to demand when there was an improving...

CSePub - Elucu PUUNST PUL... Hepage Corgot Points: 1 More Details Prior Probability of low demand...

CSePub - Elucu PUUNST PUL... Hepage Corgot Points: 1 More Details Prior Probability of low demand is.35. Based on the following new information. Given high demand, what is the probability of a not improving economy? Not improving economy Improving Economy Given high demand 0.74 Given Low demand 0.57 Submit Answer format: Number: Round to: 2 decimal places. unanswered not_submitted Points: 8/ 17 Grade: 47.1 % Progress: 52.9% Hide me
What is the correct formula for Bayes' theorem? a) P(XY) = am b) P(XY) = P(xor...

What is the correct formula for Bayes' theorem? a) P(XY) = am b) P(XY) = P(xor PY) c) P(X|Y) = PRAXIS d) P(X\Y) = POUR Submit Answer format: Text unanswered not_submitted #2 From the following new information, given low demand, what is the probability of an improving economy? Improving Economy Not improving economy 0.76 Given high demand 0.5 Given Low demand Points: 5/17 Grade: 29.4% Progress: 29.4% Hide
The below payoff table gives profits from several decision alternatives and two different levels of demand....

The below payoff table gives profits from several decision alternatives and two different levels of demand. Decision Alternative 1 Alternative 2 Alternative 3 Demand Low High $10,000 $36,000 $6,000 $42,000 -$2,000 $52,000 The probability of low demand is 0.35, whereas the probability of high demand is 0.65. a) The alternative that provides the greatest expected monetary value (EMV) is The EMV for this decision is $(enter your answer as a whole number). b) The expected value with perfect information (EVWPI)...

Problem 11-7 (Algo) Refer to columns1 and 6 In the table below. Aggregate Expenditures Real Domes...

Problem 11-7 (Algo) Refer to columns1 and 6 In the table below. Aggregate Expenditures Real Domestic DI), Billions 5300 5350 5400 5450 $500 $550 5600 $650 Aggregate Exports Billions Output, (GDP Imports, BillionsBillions Net ExportsExpenditures Private Closed Economy, Billions 5340 S380 5420 5480 $500 $540 $580 $620 S30 S30 S30 S30 S30 S30 S30 S30 S20 S20 S20 S20 S20 S20 S20 S20 510 510 510 510 510 510 510 510 Private Open Economy, Billion:s S350 390 S430 S470 S510...

Refer the table below. Our original information was that the probability of High demand was .6....

Homework Answers

Add Answer to:
Refer the table below. Our original information was that the probability of High demand was .6....

Post as a guest

Earn Coins

Our original information was that the probability of High demand was .6. We collected the following new information abo...